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Registered number:
(Previously known as Morel Investment Management Limited)
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
COMPANY INFORMATION
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THE SCHOOL TRAVEL GROUP LIMITED
CONTENTS
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THE SCHOOL TRAVEL GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents his annual report of Morel Investment Management Limited (“the Company”) and its subsidiaries ("the Group") for the period ended 31 October 2025.
Introduction
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group and the Company during the financial year ended 31 October 2025, the position of the Group and the Company at the end of the period and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
Section 172 (1) Statement
The information provided below is intended to explain how the directors considered the interests of the Group’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Group under section 172 of the Companies Act 2006.
The principal activity of the Group is that of an educational tour provider.
The results for the year and financial position of the Group are shown in the financial statements on pages 10 to 41. The Group was affected by the Covid-19 outbreak, which was declared a pandemic on 11 March 2020. Since then, events moved rapidly and 2025 is the third year of full operation after nearly 3 years of insignificant travel activity. During 2025, Equity Inspiring Learning Limited successfully delivered 481 trips whilst ensuring that the safety of our staff and customers remain the highest priority. In 2023, Equity Inspiring Learning Limited went live with its new booking and reservation system, and this is delivering benefits in terms of improved customer experience and increased efficiencies. This facilitated a restructure of the fixed cost base which continued into 2024 enabling Equity Inspiring Learning Limited to focus on a variable cost model, improving profitability and cash generation going forward.
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THE SCHOOL TRAVEL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The business is led on a day-to-day basis by Sharon Confue (Sales & Marketing Director) and Ian Davis, (Commercial and Operations Director), who have a wealth of experience in travel. They are supported by experienced operators in all areas.
Key performance indicators
The Group continues monitoring a number of KPIs in respect of enquiries, bookings, conversion rates, sales, gross profit and operating cash. Based upon confirmed bookings to date, Equity Inspiring Learning Limited will continue to make a positive EBITDA in the 12 months to October 2026.
The Group holds an ATOL granted by the Civil Aviation Authority ("CAA"). The Group is also a bonded member of the Association of British Travel Agents ("ABTA").
Principal risks and uncertainties: The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Group. Regulatory risk: The Group is supported by various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Group to operate. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The Group is also a bonded member of ABTA and renews it's ABTA consumer protection bond in March each year and is subject to assessments of fitness and financial criteria. We are confident that the various regulators will continue to support the business.
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THE SCHOOL TRAVEL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Principal risks and uncertainties (continued)
Geo-political events and natural disasters: The nature of the business operation exposes the Group to a wide range of Geo-political and natural disasters. To counter this the Group operates a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary plus it has restructured its operating cost model to remove large fixed cost elements. Commercial relationships: The Group has well established and close relationships with customers and suppliers and the risk is spread by not placing over-reliance on any one supplier in any particular area. Our supplier base is well spread. Notwithstanding, if a relationship was lost or damaged with a major supplier this could have an effect on the business. Hence the management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers' financial position. Information technology: The Group is reliant upon information technology. Investment has been made to ensure the Group has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect selling systems. Procedures are in place to minimise the downtime of the selling system in such an event. These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible and limited commitment business model with the ability to shift capacity among a variety of destinations where necessary, whilst ensuring fixed overheads are kept at an optimum level.
This report was approved by the board on 27 February 2026 and signed on its behalf.
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THE SCHOOL TRAVEL GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents his report and the financial statements for the year ended 31 October 2025.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £369k (2024 - loss £1,156k).
No dividends were paid or proposed for the period ended 31 October 2025.
The director who served during the year was:
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THE SCHOOL TRAVEL GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The director has disclosed additional performance data for the Group in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.
During 2025 and into 2026, the Group will continue to operate as outlined in the principal activity note above.
There have been no significant events affecting the Group since the year end.
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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THE SCHOOL TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SCHOOL TRAVEL GROUP LIMITED
We have audited the financial statements of The School Travel Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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THE SCHOOL TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SCHOOL TRAVEL GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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THE SCHOOL TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SCHOOL TRAVEL GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Group's compliance with its regulator, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
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THE SCHOOL TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SCHOOL TRAVEL GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements (continued)
- We review the Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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THE SCHOOL TRAVEL GROUP LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10344509
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2026.
The notes on pages 18 to 36 form part of these financial statements.
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THE SCHOOL TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10344509
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 36 form part of these financial statements.
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THE SCHOOL TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Morel Investment Management Limited is a private company limited by shares and incorporated in England. Its registered office and principal place of business is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Group’s ability to continue as a going concern, and have considered a number of future scenarios, synthesising key drivers of the Group’s trading performance, including consumer demand, post balance sheet trading, booking trajectory and impact from both financial and geopolitical instabilities.
As a result, the management of the Group has continued to review the Group's financial position, as well as forecasts, and have planned mitigation actions in order to neutralise any financial impact. The Group has prepared detailed budgets to 31 October 2027. Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Group has sufficient liquidity and cash to trade through a further slowdown. The budgets reflect compliance with the CAA regulatory requirements as far as the finances for the next licence year to 31 March 2027 are concerned. Group management and the directors therefore have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements, and will take all reasonable commercial steps, including seeking further financing or support if required, to mitigate against any further impacts on the Group's ability to continue as a going concern. As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
Functional and presentation currency
Transactions and balances
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Turnover is the amount derived from ordinary activities and represents the aggregate revenue from tours departed during the year. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
a) Critical judgments in applying the Group's accounting policies The director believes that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The director believes that there are no key accounting estimates and assumptions involved in applying the Group's accounting policies that warrant disclosure. c) Nature of exceptional items The director considers that the exceptional items disclosed in these financial statements fall outside the scope of the Group's ordinary activities.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges. At year-end, the Group had unutilised tax losses of £10,695k (2024 - £12,143k) available for use against future profits.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Bank loans consist of £300k relating to a Coronavirus Business Interruption Loan and £28k under the Recovery Loan Scheme ("RLS").
The Coronavirus Business Interruption Loan is provided by NatWest Bank and is supported by the Coronavirus Business Interruption Loan Scheme ("CBILS"). The loan is for a 72-month term with no capital repayments or interest payments in the first 12-months. Interest is payable at 4.71% per annum over the bank base rate thereafter. The Recovery Loan is a working capital loan provided by NatWest Bank and is supported by the Recovery Loan Scheme. The loan is for a period of 42 months, with no capital repayments or interest payments in the first 6 months. Interest is payable at 5.5% per annum over the bank base rate thereafter. Included within other creditors above is a related party loan of £4,000k from the ultimate controlling party, Mr B F Green. The loan carries a fixed interest rate of 4% above the Bank of England base rate, which is accrued and will be settled upon repayment of the loan. Of the loan, £4,770k has been subordinated to the Civil Aviation Authority ("CAA") and cannot be repaid without the CAA's prior written consent.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Share premium account
Profit and loss account
The comparatives for the year ended 31 October 2024, along with the Group's reserves as at 1 November 2023, have been restated to correct the interest provided for on the related party loan described in note 20, which has been historically underaccrued. The effect of the restatement was to reduce opening reserves at 1 November 2023 by £5k and increase losses for the year ended 31 October 2024 by £149k.
As at 31 October 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond obligors in respect of Association of British Travel Agents ("ABTA") travel bonds amounting to £1,343k (2024 - £1,900k).
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group. The pension cost charge represents contributions payable by the Group to the fund and amounted to £42k (2024 - £38k). Contributions totalling £10k (2024 - £8k) were payable to the fund at the reporting date.
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THE SCHOOL TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The Group is accredited with International Air Transport Association ("IATA") under IATA Code 91274956. As at 31 October 2025 there was a BSP liability outstanding of £225 (2024 - £Nil), which was paid within November 2025.
There have been no significant events affecting the Group since the year end.
The Company's immediate and ultimate parent is Taumarunui Investment LLP, a limited liability partnership registered in England and Wales. Copies of the financial statements of Taumarunui Investments LLP can be obtained from Create Business Hub, Ground Floor, 5 Rayleigh Road, Hutton, Brentwood, Essex CM13 1AB.
The ultimate controlling party is Mr B F Green, by virtue of his controlling interest in the ultimate parent undertaking, Taumarunui Investment LLP.
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